CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact

News

Home » SAFE Banking Act should be added to NDAA, status quo is ‘untenable’
Policy & Issues

SAFE Banking Act should be added to NDAA, status quo is ‘untenable’

December 2, 2021
Cap1

CUNA joined a diverse multi-sector coalition of organizations calling on Senate leaders to include the Secure and Fair Enforcement (SAFE) Banking Act to the Senate National Defense Authorization Act (NDAA) for fiscal year 2022. The SAFE Banking Act was included in the House-passed NDAA.

The SAFE Banking Act would provide protections for financial institutions serving legal cannabis-based businesses. It has passed the House several times, most recently as a standalone bill in April.

“[T]he status quo is untenable for workers, communities, ancillary businesses, and law-abiding financial institutions,” the letter reads.

“Enactment would provide legitimate businesses with access to necessary insurance products and protections that ate afforded to other businesses,” it adds. “For employees, customers, and neighbors of cannabis-related businesses (CRB) the prohibition on banking services means a cash intensive environment that is a target for violent crime.”

The organizations also note the SAFE Banking Act is germane to the NDAA as keeping bad actors out of the cannabis industry and financial system bolsters national security.

“By providing traditional financial services for state-licensed cannabis businesses—through the safe harbor creating by SAFE Banking—you are increasing transparency and accountability for an industry that generated more than $17 billion in 2020,” the letter reads. “Financial institutions adhere to stringent anti-money laundering reporting requirements and monitor accounts for suspicious activity. By bringing CRBs into the regulated financial system, you would be giving regulators and law enforcement the tools they need to identify and prosecute bad actors.”

Credit Union Magazine: Summer 2022

Summer 2022

Credit Union Magazine’s Spring 2022 edition highlights inclusive lending, succession planning, fair lending and artificial intelligence, and the use of environmental, social, and governance (ESG) as a competitive differentiator.
Digital Edition •  Subscribe

Trending

  • Subcommittee passes CUNA-backed remote notary bill

  • CDFI Fund offering $1.73B to help communities recover from pandemic

  • Comment deadline extension needed for CFPB late fee ANPR

Tweets by CUNA_News

Polls

Do you think credit unions should offer cryptocurrency services?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2022 Credit Union National Association | ADA Compliance Notice & Legal
Email Us